Explanation:

- POEM stands for "Place of Effective Management."

- The concept of POEM was introduced by the Central Board of Direct Taxes in India for the assessment year 2017-18.

- It determines the tax residency of a company based on where key management and commercial decisions are made.

- Option:1, Placement - Refers to positioning or arrangement, not relevant to POEM.

- Option:2, Priority - Indicates importance or precedence, not suitable here.

- Option:3, Personal - Relates to an individual's private matters, not applicable.

- Option:4, Primary - Means main or principal, but not fitting in this context.

- Option:5, Place - Correct, as it pertains to the location or position of management.